Hyundai is building facilities to manufacture electric vehicles (EVs) and batteries in Savannah, Georgia, marking Hyundai’s first all-electric vehicle plant in the US (via CNBC). The South Korean automaker will spend $5.5 billion on the new facilities and receive an additional $1 billion investment from its suppliers.
Hyundai expects production at the 2,923-acre site to begin in the first half of 2025, with construction slated to begin in early 2023. The EV factory is expected to produce 300,000 vehicles per year and create around 8,100 new jobs. Hyundai doesn’t specify which EV models will be made at the plant — it only suggests a “wide range” of models ending up on Georgia’s assembly lines. The company also doesn’t reveal much about its battery manufacturing facility, but notes that it will be “built through a strategic partnership.”
A “wide range” of electric vehicles will be built at the factory
Hyundai’s EV lineup currently consists of the Kona Electric, the Ioniq 5 and the hydrogen fuel cell powered Nexo. Hyundai-owned Kia also sells the all-electric EV6 and Niro, while Hyundai’s Genesis luxury brand includes the GV60, GV70 and GV80 electric vehicles. José Muñoz, Hyundai’s Global COO, told Automotive News that up to six models will be produced at the new plants by 2028. yet to be announced Kia EV pickup in 2026.
“The future of transportation is in the Peach State as we announce the largest project in our state’s history — providing quality jobs at the forefront of mobility for hard-working Georgians,” Georgia Gov. Brian Kemp said in a statement.
In addition to the new facilities in Georgia, Hyundai has announced that it will invest more than $10 billion in the United States by 2025 to develop various technologies, including autonomous driving, robotics, AI and advanced air mobility. A portion of that fund includes the $5.5 billion earmarked for the new EV plant.
Earlier this month, the state of Georgia struck a deal with Rivian, offering $1.5 billion in tax incentives to bring the company stateside. The $5 billion factory is expected to create about 7,500 jobs by 2028 and produce 400,000 electric vehicles each year.
Other EV factories are springing up elsewhere in the country. Toyota is building a $1.29 billion battery factory in North Carolina, and GM plans to bring its third battery factory for electric vehicles to Michigan. Stellantis, the company that owns Jeep, Dodge and Chrysler, is also expected to build an EV factory somewhere in the US, but the location has yet to be confirmed. Similarly, Ford and South Korean battery maker SK Innovation are bringing new EV-focused factories to Tennessee and Kentucky. Tesla already has several factories dedicated to making batteries and electric vehicles in the US, and just last month opened another one in Austin, Texas.
Update May 22 5:30pm ET: Updated to add an additional announcement from Hyundai.